Among the sectors, except IT and Pharma all other indices are trading lower
Crude Update: Oil prices fell on Wednesday on concerns the Sino-US trade war could trigger a global economic downturn, but relatively tight supply amid OPEC output cuts and political tensions in the Middle East offered some support.
Gold Update: Gold held steady on Wednesday as worries about the global economic outlook kept investors focused on safe-haven assets, with no signs of an easing in the Sino-US trade-war.
Market Opens: Benchmark indices opened lower on May 29 with Nifty around 11,900 level.
At 09:17 hrs IST, the Sensex is down 47.14 points at 39702.59, while Nifty is down 11.50 points at 11917.30. About 418 shares have advanced, 418 shares declined, and 29 shares are unchanged.
Zee Entertainment, Vedanta, Bharti Airtel, ICICI Bank, SBI and UltraTech Cement are among major losers on the Indices in the opening trade, while gainers are HDFC, TCS, Gail, Eicher Motors, HDFC Bank and L&T.
Among the sectors, except IT and Pharma all other indices are trading lower.
Rupee Opens: The Indian rupee opened lower at 69.75 per dollar on Wednesday versus previous close 69.69.
Market at pre-open: Benchmark indices are trading flat in the pre-opening session.
At 09:01 hrs IST, the Sensex is up 21.59 points or 0.05% at 39771.32, and the Nifty down 12.50 points or 0.10% at 11916.30.
Asian markets trade lower: Asian shares stumbled on Wednesday and global bonds rallied as investors fretted over the outlook for world growth with trade tensions between Washington and Beijing showing no signs of abating.
Brokerages View: Source: CNBC-TV18
Citi on Sun Pharma
Buy rating, target at Rs 540 per share
Reported Q4 numbers impacted by one-time adjustment
Underlying numbers & trends indicate improvement QoQ
Nomura on Sun Pharma
Buy rating, target at Rs 536 per share
Adjusted Q4 sales 2.5% below our estimate
Jefferies on Sun Pharma
Buy rating, target cut to Rs 520 from Rs 540 per share
Weak quarter led by investment in Ilumya
FY20 guidance is mixed
Credit Suisse on Sun Pharma
Maintain neutral, target at Rs 470 per share
Weak investment case with upside dependent on Ilumya
Investment phase not over; high promotion spend expected in FY20 too
CLSA on Sun Pharma
Maintain buy call, target cut to Rs 520 from Rs 560 per share
FY20 a critical year for US specialty product ramp-up
Morgan Stanley on Sun Pharma
Underweight call, target at Rs 470 per share
Generic business is stabilising
UBS on Sun Pharma
Buy rating, target cut to Rs 500 from Rs 515 per share
Foresee a valuation discount for co to other large cap Indian pharma peers
CLSA on IRB Infra
Maintain buy rating, target at Rs 250 per share
FY19 earnings in-line despite economic slowdown led by construction
Deutsche Bank on IRB Infra
Buy rating, target raised to Rs 185 from Rs 215 per share
Q4 result misses estimate on lower EPC margin
Citi on IRB Infra
Sell rating, target at Rs 139 per share
Profit fell due to increase in effective tax rate & higher interest costs
CLSA on Info Edge
Buy rating, target raised to Rs 2,400 from Rs 2,070 per share
All cylinders continued to fire for company in Q4
Jefferies on Info Edge
Hold rating, target at Rs 1,715 per share
Q4 revenue largely in-line across key businesses
Morgan Stanley on PNB
Underweight call, target at Rs 75 per share
Balance sheet is weak given CET-I ratio at just 6.2%
PPoP is weak; any improvement will be gradual
Morgan Stanley on Prestige Estates
Overweight rating, target raised to Rs 347 from Rs 320 per share
Co a strong real estate brand in South India with steady growth visibility
CLSA on Prestige Estates
Maintain buy rating, target raised to Rs 345 from Rs 268 per share
Q4 strong both operationally & financially; pre-sales at 18-qtr high
Citi on NMDC
Buy rating, target cut to Rs 120 from Rs 127 per share
Cut FY20-21 EBITDA estimates by 8-16% on lower volumes
SGX Nifty: Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 16.50 points or 0.14 percent. Nifty futures were trading around 11,912.50-level on the Singaporean Exchange.
Wall Street ends lower: US stocks closed lower on Tuesday, with initial gains giving way to declines as the likelihood of a prolonged trade war between the United States and China once again kept risk appetite in check.
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